BORIE WHITE : revenue, balance sheet and financial ratios

In 2024, BORIE WHITE achieves revenue of 194 k€. Revenue is growing positively over 9 years (CAGR: +1.8%). Vs 2023, growth of +15% (169 k€ -> 194 k€). After deducting consumption (0 €), gross margin stands at 194 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 20 k€, representing 10.4% of revenue. Positive scissor effect: EBITDA margin improves by +10.3 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 5.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 20%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 112.10. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 7.6x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 215 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 341 days. Excellent situation: suppliers finance 126 days of the operating cycle (retail model). Overall, WCR represents 431 days of revenue, i.e. 232 k€ to permanently finance. Over 2016-2024, WCR increased by +39%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of BORIE WHITE is estimated at 34 828 € (range 13 731€ - 91 534€). With an EBITDA of 20 064€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.29x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.